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Federal Reserve's policies punish the thrifty
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Published: March 25, 2009
Inflation is an escalation in the amount of money and credit in relation to the supply of goods and services. This is caused by the Federal Reserve Bank. How? Consider the following:
1. The Federal Reserve Bank's low interest rate policy is a panacea. Why? Because low interest rates are achieved by inflating the money supply, thus penalizing the thrifty. Those who save are cheated.
2. A Central Bank setting interest rates is price fixing and is a form of central economic planning. Price fixing is a tool of socialists and destroys production.
3. Inflation facilitates deficits, needless wars and excessive welfare spending. Debasing a currency is counterfeiting. It steals value from every dollar earned or saved.
4. Inflation is the most vicious and regressive of all forms of taxation. It transfers wealth from the middle class to the privileged rich. Inflation always leads to political instability and violence. It's an ancient tool of all authoritarians. Therefore, inflating is never a benefit to freedom-loving people.
In B.C. 445, the Jewish bankers were stealing the wealth of their own people through the usury system, but Nehemiah got angry and stopped it, (Nehemiah 5:1-12).
It is high time the American people take their country back, by first taking their monetary system back and putting an end to the Fed.
There is no legal authority to operate such a monetary system. See the Constitution, Article I, Section 8. The power to coin money, regulate value, fix the standard of weights and measures was given to Congress, not to the Central Bank that we call the Federal Reserve Bank.
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